Dealings in securities by a Director, Prescribed Officers and the Group Company Secretary

AECI LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 1924/002590/06

Share code: AFE ISIN: ZAE000000220

Hybrid code: AFEP ISIN: ZAE000000238

Bond company code: AECI

LEI: 3789008641F1D3D90E85

(AECI or the Company)

DEALINGS IN SECURITIES BY A DIRECTOR, PRESCRIBED OFFICERS AND THE GROUP COMPANY SECRETARY

In compliance with paragraphs 6.77 to 6.83 of the JSE Listings Requirements, the following information is disclosed:

Acceptance of awards of performance shares: Long-term Incentive Plan (LTIP)

In terms of the standard rules of the Company's LTIP, participants have been allocated new awards of performance shares in line with an annual award process. These will convert into AECI ordinary shares and will vest three years after the grant date, on 31 March 2029, subject to the performance conditions attached to each allocation being met.

The   awards of performance shares were accepted by the relevant participants on 8 May 2026, and the performance shares were issued on the same date at the grant price of R111.27 per share, as follows:

Name	Position and company	Number of performance shares	Value
Ian Kramer	Chief Financial Officer, AECI	55 709	R6   198   740.43
Dean Murray	Prescribed Officer, AECI (Interim Chief Executive Officer)	50 568	R5   626   701.36
Stuart Miller	Prescribed Officer, AECI (Executive Vice President, AECI Mining)	54 800	R6   097   596.00
Cheryl Singh	Group Company Secretary, AECI	31 715	R3   528   928.05

The abovementioned transactions, for which the prescribed clearance was granted in terms of paragraph 6.83 of the JSE Listings Requirements, were effected off-market. All participants have a direct beneficial interest.

Woodmead, Sandton

8 May 2026

Equity Sponsor: One Capital

Debt Sponsor: Questco Proprietary Limited

---

---